Despite strict rules set by international regulatory bodies that require banks to "know their customer," make inquiries about the source of large deposits of cash and report suspicious activity, they have failed to do so in a number of high-profile cases and instead have allowed billions in dirty money to be laundered.
And those who want to stop cartels from easily moving their money express concern that banks that are caught get off with a slap on the wrist.
Banking powerhouse Wachovia Corp. last year agreed to pay $160 million in forfeitures and fines after U.S. federal prosecutors accused it of "willfully" overlooking the suspicious character of more than $420 billion in transactions between the bank and Mexican currency-exchange houses — much of it probably drug money, investigators say.
TVNL Comment: Since corporations have been ruled to be 'people,' why are Wachovia and other banks not in prison? Just asking?
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